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Nairaland Forum / Nairaland / General / Business / Nigeria’s Oil Fields Face Shutdown Amid Price Slump (26390 Views)
OPEC Pegs Nigeria’s Oil Output At 1.8 Million Bpd / Britain To Invest In Nigeria’s Oil Pipelines, Others / Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich (2) (3) (4)
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Nigeria’s Oil Fields Face Shutdown Amid Price Slump by bezimo(m): 6:55pm On Jan 18, 2016 |
Crude production cost almost equals selling price!!!!Source:http://www.punchng.com/nigerias-oil-fields-face-shutdown-amid-price-slump/ 6 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by emamos: 6:59pm On Jan 18, 2016 |
It is well 7 Likes 1 Share |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Pressidoo: 7:01pm On Jan 18, 2016 |
When you need the mods you'll not see them, but if it's a trashy picture of a guy looking like davido & co, they'll push it to front page. 64 Likes 3 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by bezimo(m): 7:04pm On Jan 18, 2016 |
This is because economic sanctions have been lifted on Iran, the reality here is that they flood the market with millions of barrels of crude oil which has been in their reserves for long, creating a supply glut. This pushes the price to further lower levels possibly eventually $10 per barrel. http://www.thisdaylive.com/articles/nigeria-faces-further-revenue-slump-as-iran-returns-to-oil-market/230652/#.Vp0SUA4DfbY.facebook The implication is that all oil export dependent economies are affected negatively from Canada to Russia to Venezuela to Nigeria to Saudi Arabia to Angola. " Lo ba tan. It is finiseee". Time for Buhari to remove his eyes from oil in the ND and diversify the economy urgently or encourage true fiscal federalism. 55 Likes 9 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Pavore9: 8:21pm On Jan 18, 2016 |
lt mean owning an oil bloc is no longer lucrative. 13 Likes 1 Share |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by ShowYourCertificate: 8:27pm On Jan 18, 2016 |
Pavore9:Yes. It also means our clueless Buhari should stop wasting our money searching for crude oil in Lake Chad. This is the time Buhari needs to sharpen his economics skills. Maybe he can enroll for O'Level Economics in this oncoming WASSCE 123 Likes 12 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 9:01pm On Jan 18, 2016 |
i smell endtime. 11 Likes 1 Share |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by bezimo(m): 9:14pm On Jan 18, 2016 |
Pavore9: From a business perspective this might be the best time to buy off oil blocs at low prices from owners because oil exploration and production is no longer lucrative for now but we cant say for the future. 14 Likes 2 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Singapore1(m): 9:29pm On Jan 18, 2016 |
i dont even trust USA a bit lemme think.... 5 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by kennyman2000(m): 9:58pm On Jan 18, 2016 |
Hmmmmm.... Dangote could play with his money this time and buy off oil wells from broke and hungry politicians who wants to sell.. Check my signature for ur customised wristband 3 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by aloeman15(m): 12:35am On Jan 19, 2016 |
1. Reduced crude prices 2. Reduced crude sales 3. Reduced naira value 4. Subsidized petrol imports 5. Import dependent economy 6. Massive welfare programs 7. Dissonant arms of govt ... So where is money for the 2016 budget coming from? And what is the govt's economic plan of action? Oh, just a heads up- the fight against corruption has failed. It was unavoidable really. Pursuing a few people while the rest of the nation continues 'business as usual' was destined to yield little fruit. Especially since you still haven't jailed a single person... 36 Likes 5 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Bevista: 4:37am On Jan 19, 2016 |
According to Bukar, the average production cost for many of the fields in the country is $24 to $25 per barrel.Meaning that, if oil price averages $30 in 2016, Nigeria will earn a profit of around $5pb instead of the expected $13pb (based on budget benchmark of $38). --- This will reduce crude oil revenue from ~880bn to ~N400bn. The low oil price will also have contagion effect on other forms of Tax revenue. Basically, $30 oil price might knock off ~N700bn - ~1tn revenue from the 2016 budget. The worst impact will be felt by state governments who depend largely on FAAC with little or no IGR. Lagos state will, surely, be the most resilient of all states, while the likes of Osun and Ekiti will, practically, declare bankruptcy. --- Lower oil prices will benefit the Saudis the most since their average production cost is around $12. Coupled with Foreign Reserves in excess of $750bn, they can comfortably ride oil price below $20, driving other players out of the market and increasing their market share before prices rise again. 29 Likes 2 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by ojoyentalk: 5:37am On Jan 19, 2016 |
OPEC,please do something fast |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by bezimo(m): 7:03am On Jan 19, 2016 |
If OPEC members can corporate and reduce production by 40% or say 35% or a little less, supply would reduce and the oil price would go up, but no member wants to lose its market share.So the situation continues. Or alternatively if there is crisis in the middle east, the oil prices could bounce back but what would trigger the crisis? 10 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 7:27am On Jan 19, 2016 |
bezimo:how about the crisis buhari is creating in the SE and SS will that help the oil industry? 20 Likes 1 Share |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by BLWeb: 7:37am On Jan 19, 2016 |
bezimo: I agree with you but doing this is going to be in the long term. What i suggest the FG does quickly is to build human resource capacities. Invest heavily in building small businesses and give out loans with zero interest and grants for small businesses to start local production and manufacturing what we need, and also the FG should declare an emergency on agriculture, encourage the youths to go into farming, the positive effect will be a cushion to battle austerity in the long term. What will work faster is encouraging youths who are starting out as entrepreneurs and give them room to shine, in turn they will train others and the circle keeps on going till the only word we hear is small businesses and entrepreneurship. 24 Likes 2 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by BLWeb: 7:41am On Jan 19, 2016 |
ShowYourCertificate: Stop placing all the woes on Buhari like the keys of the economy is in his hands. We all have a role to play, lets start from ourselves. 16 Likes 1 Share |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by tempest01(m): 8:04am On Jan 19, 2016 |
The problem now is if you cut supply, another country wins your market. And that doesn't drive the price up since there was an oversupply. It would have been better if our refineries were working and we were am exporter of refined products, we would have refined locally for our consumption, and exported for forex 8 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by AceRoyal: 8:32am On Jan 19, 2016 |
Propaganda,partisan politics and un-necessarilly playing to the gallery with the shouting of fighting corruption and media trial can't solve this. This is going to be the true test of governance for this administration. This is the perfect opportunity for them to test their skills. After all a true general is made in battle and his skills sharpened in difficult situations,not just by rank. This government has to do more in unifying every aggrieved party of the country for us to pull through this. 11 Likes 2 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by hobermener: 8:32am On Jan 19, 2016 |
With sanctions lifted, iran is ready to hit the market with a deluge of barrels of cheap oil. As at today, gas sells for less that a dollar in some states in the us. I honestly think the worst recession in decades is about to hit Nigeria at the moment, a consequence of over reliance on oil, an being content with a mono economy, while embezzlement, and gross misappropriation of funds thrive unabated. I see party faithfuls already hurling invectives at each other across both sides of the divide, and some resorting to blame games, but our current economic woes were brought upon us by successive generation of selfish leaders, whose uncontrolled penchant for amassing wealth takes preeminence over and above the welfare of the masses. 29 Likes 4 Shares |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by anigbajumo(m): 8:32am On Jan 19, 2016 |
This country is presently in deep poo,if care is not taken Nigeria Economy is on the verge of cracking down. This is the time PMB should stop touring the world and work with his team to make positive impact on time. If am not wrong I think oil represent 13.7% in 2016 budget at 38$ per barrel, now in January is below 30$ per barrel,(100% wrong speculation). Fiscal federalism is one of the best solution now if we want to help our Economy and diversification of our revenue totally from oil. Last time I checked, this country is well blessed than eyeing oil alone. We have many mineral resources that can generate huge revenue if it is properly managed. 6 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by eleojo23: 8:33am On Jan 19, 2016 |
This news is both good and bad. 2 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Sijo01(f): 8:33am On Jan 19, 2016 |
Oh, oyel, you've finally crumbled! |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by ksstroud: 8:33am On Jan 19, 2016 |
IT IS WELL |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Smartsyn(m): 8:33am On Jan 19, 2016 |
Wahala dey oo Anybody that will want to sell his bloc should contact me ASAP, ie if you'll sell 1million spread over a period of 10years.. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by mcfynest(m): 8:34am On Jan 19, 2016 |
Give your life to Christ before it is too late.... These recesaion was predicted in the bible.....we hope and pray that when the time comes, the Lord will meet us doing good. Guys.. $$$ z increasing,more money for freelancers 7 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by nasty45(m): 8:34am On Jan 19, 2016 |
Soon $1 = N500 The Arab nation saw this coming and they diversified but my stup1d cUntry men used our common wealth to stock their account and that of their relatives... Hate this cUntry mehn 16 Likes 1 Share |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Firefire(m): 8:35am On Jan 19, 2016 |
Wonderful! 1 Like |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by kennyman2000(m): 8:35am On Jan 19, 2016 |
Hmmmm.... |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by NoreenUG(f): 8:35am On Jan 19, 2016 |
Osun civil servants don hear am be dat. 8 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by seunspet(m): 8:35am On Jan 19, 2016 |
bezimo:you are right my bro 3 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by emerged01(m): 8:36am On Jan 19, 2016 |
Yoruba man will say"haaaaaaaaaa!!!!!!" 1 Like 1 Share |
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